Bitcoin moved above the 110,000 level this week, however, bulls have so far failed to sustain the price around this key area, despite numerous attempts to do so.
Today, I will be looking at Bitcoin from the perspective of our indicators and what they are currently suggesting as we head towards the next trading week.
Starting with Biyond Vanguard, and after turning Green on the weekly time frame, Bitcoin has not shown the upside follow-through that is usually associated with Vanguard weekly in Green.
Source: Biyond.co
Looking at our front-running Vanguard 2.0 indicator, it appears that the weekly time frame is likely to turn Blue next week.
It should be noted (and being very optimistic) that this can change if we see a sudden flurry of Bitcoin buying activity come into the market today.
Source: Tradingview.com
Our other flagship indicator Biyond Atlas, is currently suggesting that a mild resumption of bearish pressure is starting to return.
Atlas has sadly started to turn higher over the past few days, presenting the possibility that Bitcoin could move lower in the near-term.
The recent increase in Atlas does not mean a spectacular drop is coming. But it should be respected.
Source: Biyond.co
If we zoom in on Biyond Atlas over the past few weeks for Bitcoin, we can see that the steepening is to the upside.
This simply provides a "heads-up" that Atlas is not moving in the desired direction if we want to see a sustained breakout.
Source: Biyond.co
This week I am delighted to announce that we have added Pivot Points to our website for a whole host of cryptos, including Bitcoin.
Pivot Points are one of the oldest trading methods, and they are extremely effective and frequently come into play for Day Traders and even Medium-term traders.
Source: Biyond.co
I won't go through all the recent examples of Pivot Points working for Bitcoin, but let's say my favorite Pivot Point time frames are the Weekly, Monthly, and Yearly.
Later today, I will be hosting a webinar on how to use Pivot Points in trading, and how best to utilize them now they have been added to Biyond's website.
Source: Biyond.co
Just to highlight how good they can be, Bitcoin moved lower and tested both the Weekly and the Monthly pivots just this week.
The strong bounce from the Monthly pivot was very encouraging and suggests that Bitcoin may be done probing the 105,000 area and could head towards the monthly R1, R2, or even R3.
We now need our flagship indicators to align. Specifically, a resumption of Biyond Atlas turning lower and Vanguard weekly finding its way back to Green.
